The Foreign Exchange Problem

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Germany : Above.
- Annual average of the rate of dis- count (%) of the Reichsbank.
-------- Annual average of the market rate (%) of discount in Berlin. No rates 1915-1919.
UNITED STATES INTEREST RATES 1834 Stringency in money market on account of government withdrawal of deposits.
1836 Stringency in money market in connection with closing of the Second Bank of the United States.
1837 World Crisis.
1839 Crisis in the United States.
1848 War with Mexico.
1857 World Crisis.
1860 Crisis on Outbrea
...k of Civil War.
1869 Stringency in connection with speculation in gold.
1873 World Crisis.
1887 Some Bank Failures in the United States.
1890 Crisis.
1893 Crisis in Great Britain and United States.
1903 Crisis in United States.
1907 Crisis in United States.
1913 Balkan Wars.
GERMAN INTEREST RATES 1 847-8 Political Disturbances. 1857 World Crisis.
1864 Austro-Prussian War against Denmark. 1866 Crisis in England and Austro-Prussian War.
1870 Outbreak of Franco-Prussian War. 1873 Crisis.
1890 Crisis in England.


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